Probabilities of easing for the next foreseeable future are shutting down.  Yet, metals have not crashed (divergence)… Less than 46% chance of easing even 1 year from now! Was much higher the last time I posted this table. I see this as a HUGE fuel reserve, ready to burn, once the US equities have a strong enough pullback to scare the FED into increasing those rate cut odds.

Edit: Scaring the markets into pricing rate cut probabilities… that the FED will execute once time… egg or chicken for this concept? Never sure.